Balboa steps IN THE RING

[Balboa]

https://www.forexsignals.com/forum/f...-keep-dreaming

By now many of you have followed my journey in the above thread whereby I was able to prove the profitability of my strategy over the last 6 months on a demo account. Trading a demo account is fantastic for testing purposes and also allows you to develop the right mindset to trade your strategy especially during times when you are experiencing the inevitable drawdown.

I am now going to start trading on a real account and feel certain that my strategy can average atleast 2% to 3% gains per month over a 12 month period. This can be achieved with strict money management rules and I only intend to risk a maximum of 1% of my trading capital per trade.

The Reward:Risk ratio will be atleast 2:1. However I may close out of some trades for a smaller profit if my indicators hint at a reversal happening in the market.

The strategy is trading on the higher TFs: The 4Hours, 8hours, 12,hours, 16hrs, daily charts and weekly charts.

I will be giving huge importance to the fundamentals too. This is because if the fundamentals are in my favor then I could take trades that may give rewards of 6 times or more thatn what was risked.

The win rate is 40% to 45%.

The maximum drawdown can be 20% but rarely does it exceed 15%.

Happy Trading.

https://www.myfxbook.com/members/TraderAl/ring/1805405

[Balboa]

Hi Guys,
My first couple of trades for the real account closed on Friday. I will continue rating my performance against the Elite just as I was doing in the thread where I was trading the demo.

Friday's Business

Closed out of EURUSD for a loss of $100 or -1%
Closed out of USDCHF for a loss of $102 or -1%

Ranking for October:

Steady Capture = 0.59%
Viper = 0.26%
Gold Star = 0.03%
Balboa = -2.02%

https://www.myfxbook.com/members/TraderAl/ring/1805405

Next trade update will be provided when my next position is closed.

[Balboa]

Ranking for October

Steady Capture = 1.08%

Viper = 0.34%

GoldStar = 0.03%

Balboa = -3.98%

https://www.myfxbook.com/members/TraderAl/ring/1805405

Next trade update will be provided when my next position is closed.

Happy Trading

[Balboa]

Ranking for October

Steady Capture = 1.38%

Viper = 0.48%

GoldStar = 0.3%

Balboa = -6.16%

https://www.myfxbook.com/members/TraderAl/ring/1805405

Currently in a losing streak of trades. This month is turning out to be difficult.

The only thing positive is that I am trading with discipline and following my rules be it money mangement or entering a trade. If I can finish the end of this year with positive equity then that would be a great result.

Happy Trading

[Balboa]

Today's business.

Closed out of NZDUSD for a profit of $302 or +3%.


Ranking for October

Steady Capture = +1.47%

GoldStar = +0.3%

Viper = 0.00%

Balboa = -3.13%

https://www.myfxbook.com/members/TraderAl/ring/1805405

Nest update will happen when my next trade closes.

Happy Trading

[ritetrader]

Well done on the NZD trade, watching with interest.

[Drcdp]

Nice work Balboa.

[FanFocusATgmailCOM]

Alright brother.. Nice to see u in the real live environment.

[FanFocusATgmailCOM]

Hi, can you change the settings to show open trades. Thanks.

Doing demo and suddenly a 10k account... Someone sponsored you?

[Nick]

Good luck Balboa

[Balboa]

thankyou all for the nice words .

Happy Trading

https://www.myfxbook.com/members/TraderAl/ring/1805405

[Balboa]

Today's business.

Closed out of USDJPY for a loss of $103 or -1%.


Ranking for October

Steady Capture = +2.1%

GoldStar = +0.77%

Viper = 0.00%

Balboa = -4.17%

https://www.myfxbook.com/members/TraderAl/ring/1805405

Next update will happen when my next trade closes.

Happy Trading

[Nick]

Today's business.

Closed out of USDJPY for a loss of $103 or -1%.


Ranking for October

Steady Capture = +2.1%

GoldStar = +0.77%

Viper = 0.00%

Balboa = -4.17%

https://www.myfxbook.com/members/TraderAl/ring/1805405

Next update will happen when my next trade closes.

Happy Trading

How are you feeling?

I'm interested to know if trading with a live account has effected your mental state, because since opening this account a month ago you've been underwater ever since.

I'm not having a go and wish you luck, but it's also interesting to hear if you're suffering from the adjustment.

[FanFocusATgmailCOM]

He"s taking it like a man. I couldn't be more prouder.

[Balboa]

How are you feeling?

I'm interested to know if trading with a live account has effected your mental state, because since opening this account a month ago you've been underwater ever since.

I'm not having a go and wish you luck, but it's also interesting to hear if you're suffering from the adjustment.

That's a very good question

I am trading the live account using exactly the same rules and strategy that I am trading the demo with. As I trade the higher TFs, with a Reward:Risk ratio of 2:1 it can take a while for the winning open positions to hit TP. Wherelse the losers because they are small in size (ie small number of pips) they will close sooner. With a strike rate of 40 to 45% it is natural that I will have more losers.


With regards to your question about if trading with real money has affected my mindset vs trading with demo:
No it hasn't mainly because I didn't rush into live trading straight away after having created my strategy. I did backtesting for the last 6 years and then did forward testing for over 6 months on a demo before I committed to live trading. During the backtesting and forward testing there were several times whereby the strategy experienced temporary drawdowns only to then comeback and create new equity highs.

So with the above references from the testing stored in my mind I have come mentally prepared to make sure that I stick with the rules be it money management or trade entry and keep trading the method with discipline. The only time I will strop trading the method temporarily and go back to the drawing board is if I hit a 30% drawdown. that is when I will need to go back to the drawing board and reflect and see what needs to be tweaked. But from the back testing and forward testing it is highly unlikely the drawdown will get that high but with FOREX NEVER SAY NEVER. In other words the probability of hitting a 30% drawdown with this strategy with a 1% risk per trade is very very very very low..

In the back testing over the last 6 years, 16% was the worst maximum drawdown experienced in 2014 and at the end of that year the final result was at net +27% profit.

In the forward testing on the demo you would have seen that 11% is the maximum drawdown experienced over 6 months and that account is now currently up +15%.

So I do believe that these results can be replicated on a live trading account. I don't see why not. I have a realistic aim which I think is very possible. To make net 24% to 30% a year with max drawdown not exceeding 15% for each year.


DEMO: https://www.myfxbook.com/members/Tra...eaming/1587654

Live: https://www.myfxbook.com/members/TraderAl/ring/1805405